The Illinois Condominium Property Act has been amended to allow Boards of Directors to implement policies on how Boards can be composed.
Boards can now require that the majority of the condominium board be made up of unit owners who occupy their units as their primary residence.
Most likely, the thinking is that a Board composed mainly of members who live in the community will ensure boards are engaged and committed.
Learn more here.
The City of Chicago issues water bills on a bi-monthly basis. Sometimes, estimated readings are used to calculate water usage when an actual reading has not been taken.
When the city doesn't take an actual meter reading for a long time, however, you could find that you are overpaying for water or worse, underpaying and subject to a large bill sometime in the future. This can create major cash flow problems for your association.
Check your bills for estimated readings and contact the city to arrange for an actual reading if necessary. You shouldn't be paying for any more (or less) water than you are actually using.
Nearly 20 state legislatures have considered bills in response to the partial collapse of Champlain Towers South in Surfside, Florida last year.
Following the collapse, CAI (Community Associations Institute) convened three specialized task forces to explore changes to laws and best practices for the community association housing model that could help prevent a similar tragedy.
Last week, the Florida legislature unanimously passed the Building Safety Act for condominium and cooperative associations. The legislation includes a framework largely based on CAI’s recommendations. Associations will have two years to comply with these requirements.
Learn more about the legislation's framework and a summary of how other states addressed condominium safety concerns in 2022 here.
First-time condo buyers are often surprised and confused by the way their new building or HOA operates.
In a condo, you can’t depend on the landlord for everything as you might in a rental, nor can you do whatever you'd like without any prior approval, as you would in a single-family home.
Confusion often stems from areas like monthly assessments, shared vs. owned elements, board responsibilities, etc.
To learn more about orienting new condo owners, check out this article.